The Favorite: Real Quiet won the Kentucky Derby as a minor long shot and in the Preakness Stakes was the second choice. In both races, he defeated an up-and-coming colt with a big closing kick, Victory Gallop. The Spoiler: Victory Gallop, after a pair of runner-up efforts, was poised to turn the tables on his rival.
Both hedge funds and private equity funds appeal to high net worth individuals (many require minimum investments of $250,000 or more), traditionally are structured as limited partnerships and involve paying the managing partners basic management fees plus a percentage of profits.
None of the 22 firms settling admitted or denied wrongdoing. In addition to D.E. Shaw, Deerfield and Hudson Bay, hedge funds such as PEAK6 Capital Management, Southpoint Capital Advisors and Vollero Beach Capital Partners were fined, as was major hedge-fund investor the Ontario Teachers' Pension Plan Board.